An Overview of the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our website if it were possible to complete a simple loan application and get a great loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide info about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We will go over this information then give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan that's right for your situation.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Because you won't have to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. We answer questions about the loan process every day.